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REGISTERED NUMBER: SC551856 (Scotland)
















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Class 1 Vehicle Hire Ltd

Class 1 Vehicle Hire Ltd (Registered number: SC551856)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Class 1 Vehicle Hire Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTOR: C J Kerr





REGISTERED OFFICE: Overland Building
263 Main Street
Larbert
FK5 4PX





REGISTERED NUMBER: SC551856 (Scotland)





ACCOUNTANTS: McLay McAlister & McGibbon LLP
Chartered Accountants
145 St Vincent Street
Glasgow
G2 5JF

Class 1 Vehicle Hire Ltd (Registered number: SC551856)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 35,220 40,560
Tangible assets 5 5,539,609 4,074,226
5,574,829 4,114,786

CURRENT ASSETS
Debtors 6 343,627 275,559
Cash at bank 217,992 201,649
561,619 477,208
CREDITORS
Amounts falling due within one year 7 (2,762,919 ) (2,223,200 )
NET CURRENT LIABILITIES (2,201,300 ) (1,745,992 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,373,529

2,368,794

CREDITORS
Amounts falling due after more than one
year

8

(2,034,729

)

(1,304,004

)

PROVISIONS FOR LIABILITIES (464,300 ) (261,600 )
NET ASSETS 874,500 803,190

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 874,498 803,188
874,500 803,190

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Class 1 Vehicle Hire Ltd (Registered number: SC551856)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 February 2024 and were signed by:





C J Kerr - Director


Class 1 Vehicle Hire Ltd (Registered number: SC551856)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Class 1 Vehicle Hire Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance, 20% on reducing balance and 10% on reducing balance

The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Class 1 Vehicle Hire Ltd (Registered number: SC551856)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 53,400
AMORTISATION
At 1 January 2023 12,840
Charge for year 5,340
At 31 December 2023 18,180
NET BOOK VALUE
At 31 December 2023 35,220
At 31 December 2022 40,560

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 4,094,183
Additions 5,836,623
Disposals (4,063,576 )
At 31 December 2023 5,867,230
DEPRECIATION
At 1 January 2023 19,957
Charge for year 307,664
At 31 December 2023 327,621
NET BOOK VALUE
At 31 December 2023 5,539,609
At 31 December 2022 4,074,226

Class 1 Vehicle Hire Ltd (Registered number: SC551856)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023 4,021,143
Additions 5,593,448
Disposals (3,832,504 )
At 31 December 2023 5,782,087
DEPRECIATION
Charge for year 295,742
At 31 December 2023 295,742
NET BOOK VALUE
At 31 December 2023 5,486,345
At 31 December 2022 4,021,143

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 111,720 111,720
Other debtors 231,907 163,839
343,627 275,559

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 9,925 10,000
Hire purchase contracts 2,509,366 1,821,589
Taxation and social security 50,065 140,467
Other creditors 193,563 251,144
2,762,919 2,223,200

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 14,317 24,167
Hire purchase contracts 1,810,082 1,199,377
Other creditors 210,330 80,460
2,034,729 1,304,004

Class 1 Vehicle Hire Ltd (Registered number: SC551856)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 4,319,448 3,020,966

The above hire purchase contracts are secured by a standard security over the assets to which they relate.

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the end of the year the director owed the company loans totalling £231,907 (2022: £163,839)